8 OPEC+ members extend oil supply cuts until end of December

Eight OPEC+ members extend oil supply cuts until end of December

/ 08:07 AM November 04, 2024

Oil producers led by Saudi Arabia extendsupply cuts

FILE – Oil workers stand on a new rig Tuesday, June 17, 2008, in the Sakhir, Bahrain, desert. Saudi Arabia and allied oil producing countries face a decision Sunday, June 2, 2024, on whether to extend production cuts set to expire next month — a move that could push oil prices higher as the summer travel season increases demand for fuel and as the U.S. presidential election contest heats up. (AP Photos/Hasan Jamali, File)

Vienna, Austria — Eight members of the OPEC+ group of oil-producing nations said on Sunday they were extending supply cuts until the end of December.

The countries “have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024”, the organization said in a statement.

Article continues after this advertisement

READ: OPEC+ keeps output policy steady as oil nears $90 a barrel

FEATURED STORIES

The eight OPEC+ nations are Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.

They have been delaying production increases amid concerns over slowing demand in China and the United States, which has weighed on oil prices in recent months.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: oil supply, OPEC

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.